Seoul, South Korea – South Korea’s aging population has led to a surge in senior employment, with the economic participation rate of those aged 55 to 64 reaching a historic high in 2024.

According to data released by the Ministry of Employment and Labor, the participation rate for this age group climbed to 71.6% last year, a slight increase from the previous year's 71.4%. Since statistics began in 1983, the participation rate has steadily risen from 38.6% (for those aged 55 and over) to surpass 70% in 2022.

The proportion of the elderly population has also been increasing, reaching 18.5% last year, meaning nearly one in five people in South Korea is now considered senior. While the employment rate for seniors remained steady at 69.9% in 2024, it had previously shown a declining trend from 2017 to 2021 before reversing course.

With ongoing discussions about extending the retirement age, experts predict that the employment rate for seniors could reach an all-time high of 70% this year. However, the unemployment rate among the elderly has also risen from 2.1% to 2.4%.

A breakdown by age group reveals that those aged 55 to 59, who are typically below the mandatory retirement age of 60, have a higher employment rate of 75.8% and a lower unemployment rate of 2.0% compared to the 60-64 age group.

The Ministry of Employment and Labor expressed concerns about the potential shortage of the workforce as the baby boomer generation (born between 1955 and 1963) begins to retire en masse. Despite the growing number of employed seniors, the ministry highlighted the need for more high-quality jobs for the elderly and emphasized the importance of active job placement and guidance.

[Copyright (c) Global Economic Times. All Rights Reserved.]